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| Tekijä: | Beuselinck, C. Deloof, M. Manigart, S. |
| Otsikko: | Private equity investments and disclosure policy |
| Lehti: | European Accounting Review
2008 : DEC, VOL. 17:4 p. 607-639 |
| Asiasana: | investments disclosure corporate governance financing equity capital |
| Kieli: | eng |
| Tiivistelmä: | The study analyzes unlisted Belgian firms' voluntary disclosure decisions around private equity (hereafter: PE) participation. The paper examines the role of disclosure in attracting PE investments and the effect of changing corporate setting and intensified corporate governance after having received PE on a firm's disclosure policy. No evidence of employing increased disclosure to signal quality before the PE financing was found, but a significant switch to increased financial disclosure from the PE investment year onwards was documented. The study shows that proportional PE ownership stake is positively related to increased disclosure, but only at very high ownership levels due to both internal and external information demand calls for higher public disclosure in PE firms. In conclusion, the changing information environment resulting from a PE investment stimulates increased public financial disclosure. |
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